Will Respect Judicial Rulings

On the 26th local time, a Federal Reserve spokesperson issued a statement regarding U.S. President Trump's dismissal of Federal Reserve Governor Lisa Cook.

The statement noted that Congress, through the Federal Reserve Act, stipulates that the terms of governors are long and fixed, and the President can only remove them "for cause." The long terms and protection against removal of governors are important safeguards to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. The Federal Reserve will continue to fulfill its duties as mandated by law.

The statement also mentioned that Cook, through her lawyer, has indicated she will seek judicial review. The Federal Reserve will, as always, comply with any court rulings.

Shortly thereafter, Trump responded that he would also abide by court rulings.

On the 25th, Trump dismissed Federal Reserve Governor Lisa Cook on grounds of alleged mortgage fraud. This move, described by the media as "unprecedented," has sparked controversy. Cook responded by stating that Trump does not have the authority to dismiss her and that she will continue to perform her duties. On the 26th, Abe Lowell, the lawyer for Federal Reserve Governor Lisa Cook, announced that he will file a lawsuit against Trump's dismissal of Cook.